It looks like there is a good chance for better times for copper. Look at the chart below:
Source: Simple Digressions and the COT data
Note that now the so-called commercials, mostly copper producers, hold a net long position in copper futures (the red circle). Last time they held a similar position was October 2016 when copper prices were at the beginning of a vicious bull market (the green circle).
If I am correct, we may be ahead of another leg up in copper and this week’s white bullish candle (just forming) could be the first sign of it:
Source: Stockcharts.com
